Loomis Sayles Funds I NPORT-P Loomis Sayles Investment Grade Fixed Income Fund (Jun 2020 report)

PORTFOLIO OF INVESTMENTS – as of June 30, 2020 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – 89.6% of Net Assets
	Non-Convertible Bonds – 87.4%
		ABS Home Equity – 0.0%
$	11,591	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 3.496%, 7/25/2035(a)(b)(c)	$	9,708
		ABS Other – 0.6%
	2,090,502	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(a)(d)(e)		1,400,637
		Aerospace & Defense – 0.7%
	85,000	Boeing Co. (The), 3.100%, 5/01/2026		86,614
	15,000	Boeing Co. (The), 3.250%, 2/01/2035		13,677
	100,000	Boeing Co. (The), 3.550%, 3/01/2038		91,070
	15,000	Boeing Co. (The), 3.625%, 3/01/2048		13,181
	50,000	Boeing Co. (The), 3.750%, 2/01/2050		44,892
	390,000	Boeing Co. (The), 3.850%, 11/01/2048		348,728
	395,000	Boeing Co. (The), 3.950%, 8/01/2059		346,147
	376,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		332,760
	195,000	TransDigm, Inc., 8.000%, 12/15/2025, 144A		204,943
				1,482,012
		Airlines – 1.4%
	149,189	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		135,018
	1,535,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		890,300
	265,365	American Airlines Pass Through Certificates, Series 2013-1, Class A, 4.000%, 1/15/2027		199,692
	58,428	American Airlines Pass Through Certificates, Series 2016-3, Class B, 3.750%, 4/15/2027		40,957
	12,948	Continental Airlines Pass Through Certificates, Series 2000-2, Class A-1, 7.707%, 10/02/2022		12,422
	395,855	Continental Airlines Pass Through Certificates, Series 2007-1, Class A, 5.983%, 10/19/2023		371,278
	38,127	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		36,588
	323,598	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		303,628
	455,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		456,137
	236,884	U.S. Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		196,249

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Airlines – continued
$	495,097	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026	$	419,322
	275,058	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		199,279
				3,260,870
		Automotive – 5.1%
	659,000	Cummins, Inc., 5.650%, 3/01/2098		769,745
	8,576,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		8,165,896
	869,000	General Motors Co., 5.200%, 4/01/2045		841,695
	250,000	General Motors Co., 6.250%, 10/02/2043		265,668
	1,625,000	General Motors Financial Co., Inc., 3.600%, 6/21/2030		1,581,554
				11,624,558
		Banking – 7.6%
	2,255,000	Ally Financial, Inc., 4.125%, 2/13/2022		2,317,084
	420,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 4/17/2025, 144A		459,648
	635,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023		667,010
	1,244,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		1,385,632
	314,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		360,176
	536,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		613,429
	3,224,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		3,752,313
	482,000	Morgan Stanley, 3.950%, 4/23/2027		542,481
	659,000	Morgan Stanley, 5.750%, 1/25/2021		678,679
	953,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		1,098,886
	1,727,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		2,210,194
	710,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		795,303
	2,114,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		2,307,479
				17,188,314
		Brokerage – 1.8%
	2,528,000	Jefferies Group LLC, 5.125%, 1/20/2023		2,743,437

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Brokerage – continued
$	733,000	Jefferies Group LLC, 6.250%, 1/15/2036	$	839,788
	343,000	Jefferies Group LLC, 6.450%, 6/08/2027		402,501
				3,985,726
		Building Materials – 0.6%
	211,000	Masco Corp., 6.500%, 8/15/2032		256,394
	104,000	Masco Corp., 7.750%, 8/01/2029		133,409
	778,000	Owens Corning, 7.000%, 12/01/2036		994,095
				1,383,898
		Cable Satellite – 0.1%
	12,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		15,094
	145,000	Time Warner Cable LLC, 5.500%, 9/01/2041		174,893
				189,987
		Collateralized Mortgage Obligations – 0.1%
	257,791	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035		303,384
		Consumer Products – 0.6%
	360,000	Hasbro, Inc., 6.600%, 7/15/2028		437,937
	805,000	Whirlpool Corp., 4.600%, 5/15/2050		916,472
				1,354,409
		Diversified Manufacturing – 0.1%
	51,000	General Electric Co., GMTN, 3.100%, 1/09/2023		53,412
	224,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 1.519%, 5/13/2024(f)		209,164
				262,576
		Electric – 0.9%
	95,000	Edison International, 4.950%, 4/15/2025		104,104
	1,037,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		1,380,794
	416,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		576,808
				2,061,706
		Finance Companies – 3.4%
	1,840,000	GE Capital Funding LLC, 4.550%, 5/15/2032, 144A		1,899,747

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Finance Companies – continued
$	697,000	International Lease Finance Corp., 4.625%, 4/15/2021	$	704,471
	15,000	Navient Corp., 5.000%, 3/15/2027		12,600
	3,370,000	Navient Corp., 5.500%, 1/25/2023		3,230,988
	95,000	Navient Corp., 5.875%, 10/25/2024		89,241
	110,000	Navient Corp., 6.750%, 6/15/2026		101,750
	891,000	Navient Corp., MTN, 5.625%, 8/01/2033		686,070
	691,000	Navient Corp., MTN, 6.125%, 3/25/2024		656,450
	398,000	Navient Corp., MTN, 7.250%, 1/25/2022		398,995
				7,780,312
		Food & Beverage – 0.5%
	1,000,000	Coca-Cola Co. (The), 1.550%, 9/01/2021		1,014,471
		Government Owned – No Guarantee – 0.4%
	780,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		994,625
		Healthcare – 0.7%
	10,000	Cigna Corp., 7.875%, 5/15/2027, 144A		13,392
	1,192,000	HCA, Inc., 4.500%, 2/15/2027		1,329,045
	182,000	HCA, Inc., MTN, 7.750%, 7/15/2036		213,850
				1,556,287
		Home Construction – 1.5%
	1,989,000	PulteGroup, Inc., 6.000%, 2/15/2035		2,289,339
	867,000	PulteGroup, Inc., 6.375%, 5/15/2033		1,014,390
				3,303,729
		Hybrid ARMs – 0.0%
	5,121	FNMA, 6-month LIBOR + 1.558%, 3.419%, 2/01/2037(f)		5,288
	11,103	FNMA, 12-month LIBOR + 1.877%, 4.271%, 9/01/2036(f)		11,745
				17,033
		Independent Energy – 0.9%
	840,000	Chesapeake Energy Corp., 8.000%, 6/15/2027(d)(e)(g)		18,900

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Independent Energy – continued
$	353,000	Continental Resources, Inc., 3.800%, 6/01/2024	$	330,062
	63,000	Continental Resources, Inc., 4.500%, 4/15/2023		60,303
	1,416,000	Noble Energy, Inc., 3.900%, 11/15/2024		1,424,614
	605,000	SM Energy Co., 6.625%, 1/15/2027		296,450
				2,130,329
		Industrial Other – 0.9%
	2,757,000	Original Wempi, Inc., Series B1, 4.309%, 2/13/2024, (CAD)(d)(e)		2,033,003
		Integrated Energy – 0.2%
	500,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		526,686
		Life Insurance – 2.7%
	39,000	American International Group, Inc., 4.125%, 2/15/2024		43,479
	56,000	American International Group, Inc., 4.875%, 6/01/2022		60,444
	205,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		186,338
	1,402,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		1,467,086
	1,488,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(d)(e)		2,402,792
	1,560,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(d)(e)		2,016,113
				6,176,252
		Media Entertainment – 1.7%
	1,170,000	Discovery Communications LLC, 3.950%, 3/20/2028		1,307,414
	14,290,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		458,434
	39,000	ViacomCBS, Inc., 4.375%, 3/15/2043		40,782
	825,000	ViacomCBS, Inc., 4.950%, 5/19/2050		918,908
	663,000	ViacomCBS, Inc., 5.250%, 4/01/2044		741,300
	239,000	ViacomCBS, Inc., 5.850%, 9/01/2043		281,238
				3,748,076
		Metals & Mining – 0.9%
	1,373,000	ArcelorMittal S.A., 7.000%, 3/01/2041		1,605,792

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Metals & Mining – continued
$	304,000	ArcelorMittal S.A., 7.250%, 10/15/2039	$	363,280
				1,969,072
		Midstream – 2.9%
	125,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		112,500
	588,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		469,083
	404,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		578,856
	858,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		660,660
	330,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		205,524
	735,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		455,553
	850,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		518,500
	2,949,000	ONEOK Partners LP, 4.900%, 3/15/2025		3,201,488
	43,000	ONEOK Partners LP, 6.200%, 9/15/2043		46,075
	27,000	Plains All American Pipeline LP/PAA Finance Corp., 2.850%, 1/31/2023		27,309
	392,000	Williams Cos., Inc. (The), 3.350%, 8/15/2022		407,735
				6,683,283
		Non-Agency Commercial Mortgage-Backed Securities – 0.0%
	13,664	Commercial Mortgage Pass Through Certificates, Series 2014-UBS4, Class A2, 2.963%, 8/10/2047		13,860
	94,890	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.852%, 3/15/2044, 144A(b)		48,729
				62,589
		Oil Field Services – 0.1%
	680,000	Transocean, Inc., 6.800%, 3/15/2038(d)(e)		195,459
	110,000	Transocean, Inc., 7.500%, 4/15/2031(d)(e)		30,800
				226,259
		Packaging – 0.6%
	1,302,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		1,399,650
		Paper – 0.5%
	552,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		747,625
	137,000	WestRock MWV LLC, 7.550%, 3/01/2047(d)(e)		178,582

Principal         Amount  (‡)			Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
			Paper – continued
$	104,000		WestRock MWV LLC, 8.200%, 1/15/2030	$	147,093
					1,073,300
			Property & Casualty Insurance – 1.9%
	87,000		MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.479%, 1/15/2033, 144A(f)(h)		34,800
	2,715,000		Nationwide Mutual Insurance Co., 4.350%, 4/30/2050, 144A		2,895,605
	1,286,000		Old Republic International Corp., 4.875%, 10/01/2024		1,390,812
					4,321,217
			Retailers – 0.0%
	52,000		J.C. Penney Corp., Inc., 6.375%, 10/15/2036(d)(e)(g)		260
			Sovereigns – 2.4%
	2,201,000		U.S. Department of Housing and Urban Development, Series A, 1.980%, 8/01/2020		2,203,619
	1,452,000		U.S. Department of Housing and Urban Development, Series A, 2.350%, 8/01/2021		1,481,069
	1,760,000		U.S. Department of Housing and Urban Development, Series A, 2.450%, 8/01/2022		1,830,136
					5,514,824
			Supermarkets – 0.0%
	39,000		Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		52,846
			Technology – 0.5%
	776,000		KLA Corp., 5.650%, 11/01/2034		1,009,942
	152,000		Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		183,934
					1,193,876
			Transportation Services – 0.3%
	562,000		ERAC USA Finance LLC, 6.700%, 6/01/2034, 144A		719,846
	60,000		Fenix Marine Service Holdings Ltd., 8.000%, 1/15/2024(d)(e)		44,466
					764,312
			Treasuries – 38.5%
	23,816,000		Canadian Government Bond, 0.750%, 9/01/2020, (CAD)		17,558,511
	200,000	(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		983,315
	578,400	(††)	Mexican Fixed Rate Bonds, Series M, 8.000%, 12/07/2023, (MXN)		2,772,178

Principal         Amount  (‡)			Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
			Treasuries – continued
	207,800	(††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)	$	1,006,955
	137,300	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		707,076
	913,700	(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		4,782,947
	8,546,000		Norway Government Bond, Series 474, 3.750%, 5/25/2021, 144A, (NOK)		916,710
	3,126,000		Republic of Brazil, 8.500%, 1/05/2024, (BRL)		626,568
	21,285,000		U.S. Treasury Bond, 1.250%, 5/15/2050		20,451,060
	2,105,000		U.S. Treasury Bond, 3.000%, 8/15/2048		2,894,868
	1,170,000		U.S. Treasury Note, 1.500%, 8/31/2021		1,187,870
	17,000,000		U.S. Treasury Note, 1.500%, 9/30/2021		17,280,234
	2,835,000		U.S. Treasury Note, 1.500%, 10/31/2021		2,885,056
	13,460,000		U.S. Treasury Note, 1.500%, 11/30/2021		13,712,375
					87,765,723
			Wireless – 0.2%
	8,340,000		America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		366,003
			Wirelines – 6.1%
	1,459,000		AT&T, Inc., 3.950%, 1/15/2025		1,632,853
	2,841,000		AT&T, Inc., 4.300%, 2/15/2030		3,329,507
	370,000		AT&T, Inc., 4.500%, 3/09/2048		437,370
	465,000		AT&T, Inc., 4.550%, 3/09/2049		548,244
	876,000		Telecom Italia Capital S.A., 6.000%, 9/30/2034		952,212
	589,000		Telefonica Emisiones S.A., EMTN, 5.375%, 2/02/2026, (GBP)		883,788
	5,077,000		Verizon Communications, Inc., 4.329%, 9/21/2028		6,121,288
					13,905,262
			Total Non-Convertible Bonds (Identified Cost $200,161,776)		199,087,064
	Convertible Bonds – 1.6%
			Cable Satellite – 0.1%
	280,000		DISH Network Corp., 3.375%, 8/15/2026		257,212

Principal         Amount  (‡)		Description	Value (†)
	Bonds and Notes – continued
	Convertible Bonds – continued
		Independent Energy – 0.0%
$	1,470,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(d)(e)(g)	$	38,779
		REITs – Diversified – 0.2%
	329,000	iStar, Inc., 3.125%, 9/15/2022		350,179
		Technology – 1.3%
	2,051,000	Booking Holdings, Inc., 0.900%, 9/15/2021		2,179,160
	326,000	Nuance Communications, Inc., 1.000%, 12/15/2035		384,693
	224,000	Nuance Communications, Inc., 1.250%, 4/01/2025		312,437
	8,000	Nuance Communications, Inc., 1.500%, 11/01/2035		10,351
				2,886,641
		Total Convertible Bonds (Identified Cost $4,127,304)		3,532,811
	Municipals – 0.6%
		Illinois – 0.1%
	245,000	State of Illinois, 5.100%, 6/01/2033		248,540
		Michigan – 0.1%
	380,000	Michigan Tobacco Settlement Finance Authority, Series A, 7.309%, 6/01/2034		380,608
		Virginia – 0.4%
	875,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		837,822
		Total Municipals (Identified Cost $1,446,522)		1,466,970
		Total Bonds and Notes (Identified Cost $205,735,602)		204,086,845
Shares
	Common Stocks – 8.1%
		Automobiles – 0.2%
	71,933	Ford Motor Co.		437,353
		Diversified Telecommunication Services – 1.2%
	88,190	AT&T, Inc.		2,665,984
		Electronic Equipment, Instruments & Components – 6.4%
	565,646	Corning, Inc.		14,650,231
		Pharmaceuticals – 0.3%
	13,089	Bristol-Myers Squibb Co.		769,633

Shares		Description	Value (†)
	Common Stocks – continued
		Total Common Stocks (Identified Cost $11,119,244)	$	18,523,201
	Preferred Stocks – 0.8%
	Convertible Preferred Stocks – 0.7%
		Banking – 0.4%
	714	Bank of America Corp., Series L, 7.250%		958,331
		Independent Energy – 0.0%
	3,453	Chesapeake Energy Corp., 5.000%(a)(c)(d)		—
		Midstream – 0.3%
	12,375	El Paso Energy Capital Trust I, 4.750%		550,192
		Total Convertible Preferred Stocks (Identified Cost $1,446,924)		1,508,523
	Non-Convertible Preferred Stocks – 0.1%
		Electric – 0.1%
	213	Connecticut Light & Power Co. (The), Series 1949, 2.200%		10,970
	1,860	Union Electric Co., 4.500%		191,580
				202,550
		Total Non-Convertible Preferred Stocks (Identified Cost $104,764)		202,550
		Total Preferred Stocks (Identified Cost $1,551,688)		1,711,073
Principal         Amount  (‡)
	Short-Term Investments – 1.0%
$	187,477,471	Central Bank of Iceland, 0.000%, (ISK)(f)(i)		1,355,438
	1,010,655	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $1,010,655 on 7/01/2020 collateralized by $1,031,700 U.S. Treasury Note, 0.125% due 6/30/2022 valued at $1,030,894 including accrued interest(j)		1,010,655
		Total Short-Term Investments (Identified Cost $2,536,599)		2,366,093

Description	Value (†)
Total Investments – 99.5% (Identified Cost $220,943,133)	$	226,687,212
Other assets less liabilities – 0.5%		1,048,378
Net Assets – 100.0%	$	227,735,590

(†)

Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund. Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Fund’s pricing policies and procedures.

As of June 30, 2020, securities held by the Fund were fair valued as follows:

Securities classified as fair valued	Percentage of Net Assets	Securities fair valued by the Fund’s adviser	Percentage of Net Assets
$8,359,791	3.7%	$9,708	Less than 0.1%

The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Level 3 security. Value has been determined using significant unobservable inputs.
(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of June 30, 2020 is disclosed.
(c)	Fair valued by the Fund’s adviser. At June 30, 2020, the value of these securities amounted to $9,708 or less than 0.1% of net assets.
(d)	Illiquid security.

(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2020, the value of these securities amounted to $8,359,791 or 3.7% of net assets.
(f)	Variable rate security. Rate as of June 30, 2020 is disclosed.
(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(h)	Non-income producing security.
(i)	Security callable by issuer at any time. No specified maturity date.
(j)	The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of June 30, 2020, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the value of Rule 144A holdings amounted to $21,151,594 or 9.3% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
EMTN	Euro Medium Term Note
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
REMIC	Real Estate Mortgage Investment Conduit
BRL	Brazilian Real
CAD	Canadian Dollar
GBP	British Pound
ISK	Icelandic Krona
MXN	Mexican Peso
NOK	Norwegian Krone

Fair Value Measurements

In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical assets or liabilities;

• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2020, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	—	$	9,708	(a)	$	9,708
ABS Other		—		—		1,400,637	(b)		1,400,637
All Other Non-Convertible Bonds*		—		197,676,719		—			197,676,719
Total Non-Convertible Bonds		—		197,676,719		1,410,345			199,087,064
Convertible Bonds*		—		3,532,811		—			3,532,811
Municipals*		—		1,466,970		—			1,466,970
Total Bonds and Notes		—		202,676,500		1,410,345			204,086,845
Common Stocks*		18,523,201		—		—			18,523,201
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		—		—		—	(c)		—
All Other Convertible Preferred Stocks(a)		1,508,523		—		—			1,508,523
Total Convertible Preferred Stocks		1,508,523		—		—			1,508,523
Non-Convertible Preferred Stocks*		—		202,550		—			202,550
Total Preferred Stocks		1,508,523		202,550		—			1,711,073
Short-Term Investments		—		2,366,093		—			2,366,093
Total	$	20,031,724	$	205,245,143	$	1,410,345		$	226,687,212

* Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

(a) Fair valued by the Fund’s adviser.

(b) Valued using broker-dealer bid prices.

(c) Includes a security fair valued at zero by the Fund’s adviser using Level 3 inputs.

The Fund’s pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. The Fund’s adviser may use internally developed models to validate broker-dealer bid prices that are only available from a single broker or market maker. Such securities are considered and classified as fair valued. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2019 and/or June 30, 2020:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of June 30, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2020
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	11,066	$	—	$	20		$	(379	)	$	—	$	(999	)	$	—	$	—	$	9,708		$	(479	)
ABS Other		2,175,944		—		180			(575,522	)		—		(199,965	)		—		—		1,400,637			(585,339	)
Collateralized Mortgage Obligations		61		—		(1	)		2			—		(62	)		—		—		—			—
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		—		—		—			(131,214	)		—		—			131,214		—		—	(a)		(131,214	)
Total	$	2,187,071	$	—	$	199		$	(707,113	)	$	—	$	(201,026	)	$	131,214	$	—	$	1,410,345		$	(717,032	)

(a) Includes a security fair valued at zero by the Fund’s adviser using Level 3 inputs.

A preferred stock valued at $131,214 was transferred from Level 2 to Level 3 during the period ended June 30, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At June 30, 2020, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

Industry Summary at June 30, 2020 (Unaudited)

Treasuries	38.5	%
Banking	8.0
Electronic Equipment, Instruments & Components	6.4
Wirelines	6.1
Automotive	5.1
Finance Companies	3.4
Midstream	3.2
Life Insurance	2.7
Sovereigns	2.4
Other Investments, less than 2% each	22.7
Short-Term Investments	1.0
Total Investments	99.5
Other assets less liabilities	0.5
Net Assets	100.0	%

Currency Exposure Summary at June 30, 2020 (Unaudited)

United States Dollar	84.4	%
Canadian Dollar	8.6
Mexican Peso	4.8
Other, less than 2% each	1.7
Total Investments	99.5
Other assets less liabilities	0.5
Net Assets	100.0	%